Talk:Accounting

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Business: Accounting Top‑importance

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Finance & Investment Top‑importance

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On 7 January 2014, it was proposed that this article be moved from Accountancy to Accounting. The result of the discussion was move per request.

IFRS adoption in USA

"However, as of 2012 "all major economies" have plans to converge towards or adopt the IFRS."

This statement in the Wiki "Accounting" entry is patently false as it relates to the US. Congress has delegated standard setting of financial reporting to the SEC alone. The SEC "looks to" the FASB for guidance from the US private sector but still has the final say under security laws. It is true that in the past decades the SEC established a roadmap for convergence but it never acted for a multitude of reasons the most important is that it does not have the authority to change its Congressional responsibility because in so doing is t would become subservient to a foreign standard setter over which it has zero control. As far as I know, there have been no serious nor non-serious initiatives in the US for the past decade to converge with IFRS in any respect.

I might finally point out that the major proponents that lobbied for years to IFRS converge in the US were the largest accounting firms, large corporations, many academics and foreign countries, for a lot of different reasons including influence, career, monetary and political considerations. All of which could be regarded as conflicts of interest.

The Wikipedia entry for "Accounting" related to this matter should be corrected as it is misleading. Hansengr (talk) 17:29, 4 January 2025 (UTC)[reply]